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Trading Update, New Equity Investment and Notice of Results

Jul 23, 2015

RNS Number : 8866T
Cloudbuy PLC
23 July 2015

 

cloudBuy plc

("cloudBuy" or the "Company")

Trading Update, New Equity Investment and Notice of Results

cloudBuy plc (AIM: CBUY), the global provider of cloud-based e-commerce marketplaces and B2B buyer and supplier solutions, today provides an update on trading in the six months ended 30 June 2015, details of a new shareholder investment and notice of its interim results announcement.

Trading Update

The Board are confident that the Group's results for the full year will be in line with market expectations albeit with a significant second half weighting. The H1 sequential revenue growth over H2 FY14 of 32%, deals already signed on a recurring revenue basis and a strong pipeline, gives confidence for H2.

Global Expansion

The work already done to establish a strong international presence has resulted in a strong sales prospect pipeline with a total potential value of £51m at 30 June 2015. Included in this are prospects totalling over £5m over a 3 year basis in each of our direct territories: UK; India; Hong Kong and China; Australia and South East Asia; USA as well as through our partners in the Middle East.

New Equity Investor

cloudBuy plc also announces that Roberto M. Sella and affiliates has become a significant investor in the Company. Mr Sella has entered into a subscription agreement effective 23 July 2015 with the Company under which he is subscribing for 5,000,000 new shares at 20p for a total consideration of £1 million (the "Subscription").

As a result of the Subscription and market purchases announced on 22 July 2015, Mr Sella is the beneficial owner of 10,675,000 shares, representing 8.3% of the issued share capital.

Roberto M. Sella is an accredited USA investor who is investing on a personal basis. He is Managing Member of LL Funds LLC with $1.5bn under management and is a former Managing Director at Morgan Stanley.

Application will be made for the admission to trading on AIM ("Admission") of the 5,000,000 Shares detailed above, and Admission is expected to occur on 29 July 2015. 

Following Admission, the Company shall have 128,386,510 Ordinary Shares in issue, each with voting rights (which figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules).

Notice of Results

The Company expects to announce its interim results for the six months ended 30 June 2015 on 10th September 2015.

David Gibbon CFO of cloudBuy commented: "We are pleased with progress in the first half of the year. There is increasing traction among prospects on a global basis for our products resulting in a strong pipeline of potential deals. Focus in the second half of the year is on generating revenue from existing projects on a recurring basis and on closing new deals which will have a combination of project and recurring revenue. We are also pleased to have attracted Roberto M. Sella as a new major investor in our business."  

 

For further information, please contact:

 cloudBuy plc

Ronald Duncan, Executive Chairman

David Gibbon, CFO

 

Tel: 0118 963 7000

Westhouse Securities Limited

Tom Griffiths/Richard Johnson

 

Tel: 020 7601 6100

Newgate

Robyn McConnachie/Tim Thompson

 

Tel 020 7653 9850

 

About cloudBuy PLC

cloudBuy, formerly @UK, is the world's leading transactional Cloud Platform.

cloudBuy has used the platform to build the world leading B2B ecommerce and eprocurement applications which address the full range of buying and selling activities, in an easy to use web and mobile experience, along with other cloud based applications including Content Management, email and big data analysis.

The applications have already analysed over $1.5 trillion of spend and are being used by leading organisations around the world to deliver savings and improved services.

The applications are unique in delivering correct pricing in the complex world of B2B whilst being easy enough to use that the people with difficulties can use the system to buy their own social and health care.

 For more information, visit www.cloudbuy.com

 

This information is provided by RNS

The company news service from the London Stock Exchange

 

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